Tuitt has good news and bad news about budget St. Maarten

TUESDAY 5 JUNE 2012, St. Maarten – The Central Committee meeting about the Cft-letters concerning the 2012 budget will continue on Monday morning at ten o’clock. Finance Minister Roland Tuitt gave MPs last night an overview of the country’s financial position, but he will answer more in detail and in writing on Monday.
Tuitt had some good news: in the first four months St. Maarten collected “some more” wage and turnover taxes. “But other taxes did not go as projected. One of them is the profit tax,” the minister said.

Another tax that was not collected was obviously the condominium tax of 21 million guilders.
Tuitt said that the annual accounts for 2009 and 2010 are in the final stages. When they are ready they will be presented to parliament and then go to the General Audit Chamber for scrutiny.
The minister said that currently the projection is that the revenue for 2012 will be around 441 million, 9 million above the budgeted 432 million guilders. “We will be able to cover the cost of living adjustment payments, salary-adjustments and certain investments,” Tuitt said, adding that the budget will also cover the 21 million guilders shortfall from the condominium tax.
“The bad news is that money was paid for one item that was not budgeted at all: Taxand,” Tuitt concluded. (See related story on page 1 about Taxand).